National Conference 2021

16 Feb — 18 Feb 2021

Program

Tuesday, 16th February 2021 — Day 1 | Tuesday

08:30 am

OPENING ADDRESS

8:30 am – 8:45 am

  • Speaker: John Maroney – Chief Executive Officer, SMSF Association

08:45 am

PLENARY | Your Conference Compass: hit the ground running with this Legs & Regs update

8:45 am – 9:45 am

Plenary 1

  • Speaker: Peter Burgess – Deputy CEO / Director of Policy & Education, SMSF Association

Start National Conference 2021 on a high, with the traditional fast-moving, high energy legislation update session presented by SMSF Association Deputy CEO/Director of Policy & Education, Peter Burgess. Join Peter as he discusses the legislative changes which shaped the SMSF landscape in 2020 and previews the legislative agenda for the year ahead. This session will provide a stocktake of legislative changes which have been enacted and those which have been announced but have not yet been passed – as only Peter Burgess can!

As the Chair of the 2021 National Conference program committee, Peter will also highlight sessions on this year’s program which will provide further detail and others to watch out for.

09:45 am

SPECIAL ADDRESS

9:45 am – 9:55 am

09:55 am

BREAK

9:55 am – 10:00 am

10:00 am

LEGISLATION & COMPLIANCE | The ins and outs of in-house assets

10:00 am – 11:00 am

Concurrent 1A

  • Speaker: Leigh Mansell – Director SMSF Technical & Education Services, Heffron SMSF Solutions

Most SMSF practitioners are aware there’s a limit that applies to the amount of in-house assets an SMSF can hold. But … what assets are actually considered an in-house asset? And, just as importantly, what assets aren’t? And why do we care?

We’ll explore what the limit applies to and when, what needs to be done if the limit is exceeded and whether or not a breach of the superannuation law has occurred, and what action the Regulator could take if there has been a breach. Along the way, we’ll highlight some handy tips that may help prevent the limit being exceeded, and alert you to some traps to avoid.

STRATEGY | Strategies to put a positive spin on negative returns

10:00 am – 11:00 am

Concurrent 1B

  • Speaker: Mary Simmons – Technical Manager, SMSF Association

Even SMSFs with the most robust investment strategies may have experienced negative returns given the impacts of COVID-19 on financial markets globally. This session will explore:

  • Opportunities available to ensure member benefits are restored in the most tax effective manner.
  • Solutions for members who are approaching retirement to maximise their tax-free component.
  • Tips and traps in managing the impact on a member’s transfer balance account.
  • Taking advantage of reduced member total super balances.

PRACTICE | Auditor independence & the ATO's compliance approach

10:00 am – 11:00 am

Concurrent 1C

  • Speaker: Channa Wijesinghe – Chief Executive Officer, Accounting Professional & Ethical Standards Board
  • Speaker: Kellie Grant – Director SMSF Auditors Portfolio, Australian Taxation Office

In this session, the APESB will describe how some of the changes in APES 110 Code of Ethics for Professional Accountants (including Independence Standards) and the 5th Edition of the Independence Guide have provided further clarity in relation to the application of the independence requirements, including those applying to in-house audits.

The ATO will discuss how they intend to monitor compliance with the restructured independence standards, including how auditors can avoid breaching the standards and what to be mindful of when revising current arrangements.

11:00 am

BREAK

11:00 am – 11:20 am

11:20 am

PLENARY | Strategy Landscape 2021

11:20 am – 12:20 pm

Plenary 2

Where are we now and where are we going? It seems that even when things stay much the same in the world of SMSFs, there are still new strategies to talk about or questions to answer. In this session Meg will share her thinking on what to keep top of mind for clients in 2021. As always her focus will be on all the ways advisers and accountants can help clients get the very best out of their SMSF and avoid the inevitable pitfalls.

12:20 pm

BREAK

12:20 pm – 1:05 pm

01:05 pm

LEGISLATION & COMPLIANCE | Death and taxes - An avoidable clichè

1:05 pm – 2:05 pm

Concurrent 2A

  • Speaker: Tim Miller – Education Manager, SuperGuardian

If they say there’s nothing surer in life than death and taxes, then there’s nothing worse than both of them together.

This session will look at various strategies to combat paying more tax when a member passes away including contribution, insurance and CGT strategies.

STRATEGY | Sole purpose test – The modern interpretation

1:05 pm – 2:05 pm

Concurrent 2B

  • Speaker: Craig Day – Head of Technical Services, Colonial First State

This important session aims to give you a practical understanding of how this fundamental superannuation law operates as well as an understanding of the regulator’s views on how it applies in an advice context.

PRACTICE | AFCA Insights: Top tips for keeping your SMSF business complaint-free

1:05 pm – 2:05 pm

Concurrent 2C

  • Speaker: Heather Gray – Lead Ombudsman - Superannuation, Australian Financial Complaints Authority
  • Speaker: Natalie Cameron – Lead Ombudsman - Investments & Advice, Australian Financial Complaints Authority

This session will cover the role of AFCA in self-managed superannuation fund complaints, and will include the following topics:

  • About AFCA
  • AFCA’s fairness project
  • AFCA’s investments and advice jurisdiction, some statistics and top 5 issues
  • Types of SMSF complaints and AFCA’s approach
  • SMSF complaint case study
  • Tips on advising about establishing an SMSF
  • Death benefit complaints – AFCA’s approach
  • Death benefit case study – learnings from the AFCA approach in the SMSF space.

WORKSHOP | Busting the myths of SMSF accounting and auditing

1:05 pm – 3:10 pm

Workshop 1

An SMSF audit is akin to an annual health check or yearly visit to the dentist – we know we need it, we know it’s in our best interest, but most of us worry because we’re not sure what lies ahead.

We feel less anxious when we know what to expect, and the annual SMSF audit is no different.

Where SMSF accountants and trustees can understand the auditor’s expectations and what evidence is required, much of their anxiety and frustrations will disappear. It also means the SMSF audit gets finalised quicker.

SMSF accountants and advisors play an essential role in assisting SMSF trustees with the requirements of the annual SMSF audit. They guide and educate them on what to expect, such as providing the correct audit evidence for complex assets at the time of the acquisition, and in the future, to ensure regulatory compliance.

In this workshop, an accountant, Mark Ellem, and an SMSF auditor, Shelley Banton, will use practical case studies to consider SMSF administration, accounting and audit issues covering:

  • Setting the SMSF trustee’s and accountant’s audit expectation by reviewing what an auditor checks and what they do not check;
  • Accounting for and auditing of fund assets that do not have a ready market for determining market value;
  • Substantiating the evidence required for ownership of complex assets;
  • Reviewing related party transactions and investments;
  • Data feeds and audit evidence substantiation;
  • Dealing with the revised auditor independence guide.

Workshop attendees will have the opportunity to participate in case studies and interact online.

02:05 pm

BREAK

2:05 pm – 2:10 pm

02:10 pm

LEGISLATION & COMPLIANCE | Has a condition of release been met?

2:10 pm – 3:10 pm

Concurrent 3A

Meeting a condition of release is vital to enable members to access their superannuation benefits. Not understanding or following the rules can lead to unintended consequences and tax impost.

In this session, we’ll explore common areas where clients get it wrong, such as financial hardship and excess contributions. We’ll also explore the age-old question; has my client retired?

STRATEGY | The Great Debate - Hot estate planning & succession planning topics

2:10 pm – 3:10 pm

Concurrent 3B

Join us for this first ever clash of the titans as Bryce and Dan go head to head in a winner takes all, no holds barred debate on: Testamentary trusts versus super pensions and binding death benefit nominations versus discretion.

Issues like admitting children into the fund, and do SMSF Wills and guardian/appointor roles really work, will also be covered. You will be judge and jury as session moderator and Court Sherriff, Brett Kenny, attempts to keep score and order. This session is sure to challenge beliefs and all with a touch of friendly banter!

PRACTICE | ATOs response to the pandemic and regulatory stance moving forward

2:10 pm – 3:10 pm

Concurrent 3C

  • Speaker: Justin Micale – Assistant Commissioner, SMSF Segment, Australian Taxation Office

Join the ATO’s Justin Micale for an in-depth look at the ATO’s response to the pandemic to support SMSFs and key regulatory issues for 2021 and beyond. The presentation will cover:

  • The ATO’s role, purpose and data trends for SMSFs
  • What the ATO’s response to the pandemic means for your SMSF clients
  • The ATO’s key risk focus areas and strategies for 2020/21 and beyond.

03:10 pm

BREAK

3:10 pm – 3:30 pm

03:30 pm

SPECIAL ADDRESS

3:30 pm – 3:40 pm

03:40 pm

PLENARY | SMSFs and COVID-19 - What you need to know

3:40 pm – 4:40 pm

Plenary 3

  • Speaker: Jemma Sanderson – Director, Cooper Partners Financial Services Pty Ltd

The impact of COVID-19 on our economy, finances, businesses and overall wellbeing has been immense. SMSFs are not immune, and in this session Jemma will provide guidance on the COVID-19 stimulus measures, the timing on the length the measures apply, how they practically impact your clients and their funds, and what do to manage this.


Thursday, 18th February 2021 — Day 2 | Thursday

08:45 am

THOUGHT LEADERSHIP SESSION

8:45 am – 9:45 am

09:45 am

SPECIAL ADDRESS

9:45 am – 9:55 am

09:55 am

BREAK

9:55 am – 10:00 am

10:00 am

LEGISLATION & COMPLIANCE | The rise and rise of compliant SMSF investment strategies: Why it’s more important than ever

10:00 am – 11:00 am

Concurrent 4A

The issue of SMSF investment strategy compliance rose to prominence in 2019 following the ATO’s mail out to almost 18,000 SMSF trustees. Since then the ATO has released new guidelines on how to properly formulate an investment strategy, investment markets have been volatile and official interest rates have hovered around all-time lows.

Join Nick Ali, Shelley Banton and Adam Goldstein as they discuss the ATO investment strategy guidelines and emerging compliance issues from both an adviser and auditor’s perspective. The following topics will be discussed:

  • How to interpret and implement the ATO’s investment strategy guidelines
  • What to do if the auditor is not satisfied with the fund’s investment strategy
  • Whole of wealth assets – should they be considered when formulating an SMSF investment strategy and the role of a SOA
  • Accessing derivatives, crypto-currency and other alternative investments to bolster returns – what are the compliance considerations?

STRATEGY | All things pensions - latest pension strategies, ECPI developments and more

10:00 am – 11:00 am

Concurrent 4B

  • Speaker: Melanie Dunn – SMSF Technical Services Manager, Accurium

PRACTICE | Advice 2025: financial advice, key insights & themes

10:00 am – 11:00 am

Concurrent 4C

  • Speaker: Mark Ryan – Director, Investment and Wealth, Deloitte
  • Speaker: Tim Worner – Partner, Deloitte

11:00 am

BREAK

11:00 am – 11:20 am

11:20 am

LEGISLATION & COMPLIANCE | Current issues with LRBAs - COVID, Safe harbour, Div 7A and more

11:20 am – 12:20 pm

Concurrent 5A

In this session, Phil Broderick will examine a number of current and topical issues in relation to limited recourse borrowing arrangements, including:

  • The LRBA COVID relief measures
  • Can you still qualify for the ATO’s safe harbour if you apply the COVID relief
  • The interaction of the safe harbour rules, COVID LRBA relief, Division 7A and COVID Division 7A relief
  • Intermediary LRBAs are they worth it?
  • Refinancing LRBAs how can it be done?
  • NALI/NALE and LRBAs where are we at?

STRATEGY | Never too young to be a rockstar (or start planning for aged care)

11:20 am – 12:20 pm

Concurrent 5B

Your client is still young and enjoying life. Their retirement plans stop at the bucket list. So surely there is no need to start a discussion on aged care yet? This session will look at a client’s progression through retirement including:

  • Why clients are never to young to start the aged care conversation and planning process
  • Identifying the life transition points
  • Tips for how to include aged care into client review meetings
  • How to satisfy FASEA Code of Ethics Standard 6.

PRACTICE | Unmet advice needs & scaled advice

11:20 am – 12:20 pm

Concurrent 5C

With the continued growth of the SMSF market, advice to this market will continue to attract focus. Should you advise the trustee or the members? Can you provided scaled advice? How can your advice processes assist trustees in meeting their duties? In this session we will look at the current landscape of SMSF advice – not from a strategy perspective – but form a delivery and documentation perspective, considering existing and emerging issues.

12:20 pm

BREAK

12:20 pm – 1:05 pm

01:05 pm

LEGISLATION & COMPLIANCE | The impacts of COVID19 on the 2020 audit

1:05 pm – 2:05 pm

Concurrent 6A

  • Speaker: Belinda Aisbett – Director, Super Sphere Pty Ltd
  • Speaker: Kellie Grant – Director SMSF Auditors Portfolio, Australian Taxation Office

COVID19 has seen the introduction of the new early release of super measure and reduced minimum pension payments. It has also seen the ATO say that it won’t take compliance action with respect to contraventions arising from various forms of COVID19 relief offered to SMSFs.

This session will use practical examples to demonstrate the application and documentation reqirements of some of the new measures and the relief offered by the ATO for funds impacted by COVID19. It will also look at how this relief impacts the auditor’s reporting obligations with respect to the audit report and the ACR.

STRATEGY | Multi-member SMSFs – The good, the bad and the ugly

1:05 pm – 2:05 pm

Concurrent 6B

With the increase to the maximum number of members in SMSFs seemingly on its way, a spotlight has been cast on the opportunities associated with adding more members in SMSFs.

But disputes amongst SMSF members are on the rise, so as well as the advantages, what are the downsides of more SMSF members, how can disaffected members exit SMSFs and what should advisers do where they come across or are suggesting multi-member SMSFs?

PRACTICE | Providing compliant SMSF advice with a FASEA code overlay

1:05 pm – 2:05 pm

Concurrent 6C

With FASEA’s consultation on their code of ethics guidance recently concluded, FASEA CEO Stephen Glenfield, will provide an update on the outcomes of this consultation and other FASEA news. Stephen will then be joined by Christina Kalantzis who will use real life scenarios to outline SMSF compliance concerns with fee disclosures, referral arrangements and conflicts. Using these same scenarios, Stephen will then explain the ethical issues that may arise and how advisers should overlay compliance with the FASEA code.

WORKSHOP | Lumpy assets & SMSFs - bringing it all together

1:05 pm – 3:10 pm

Workshop 2

  • Speaker: Craig Day – Head of Technical Services, Colonial First State

One of the advantages of SMSFs is that they provide the flexibility to invest in a range of alternative assets and assets classes not available via large funds. However, many of these assets can have a high cost of entry and are illiquid. As a result, these ‘lumpy’ assets can cause a range of potential headaches throughout the lifecycle of a fund.

This workshop session aims to identify the issues and risks that can come with having lumpy assets in an SMSF and how they can best be managed or avoided.

Topics for discussion include:

  • Identifying lumpy assets – it’s not just property
  • Getting lumpy assets into an SMSF – the what, why and how
  • Lumpy assets and the sole purpose elephant in the room
  • Dealing with lumpy assets from an investment strategy perspective
  • Lumpy assets and the payment of retirement/death benefit lump sums
  • The importance of starting with the end in mind
  • Using lumpy assets to fund pensions – really?

02:05 pm

BREAK

2:05 pm – 2:10 pm

02:10 pm

LEGISLATION & COMPLIANCE | SMSF dispute aftermath - splitting the spoils and what to do when court orders fail!

2:10 pm – 3:10 pm

Concurrent 7A

  • Speaker: Julie Steed – Senior Technical Services Manager, Australian Executor Trustees
  • Speaker: Suzanne Mackenzie – Barrister, Bar Chambers

Most practitioners will have a client couple who go through a separation and associated property settlement at some time. Even when the separation is amicable, there are numerous aspects of family law payments splits that pose particular challenges for SMSFs. Where the separation is not amicable, even more complex issues can arise.

This is a practically focused session looking at different kinds of difficulties for SMSFs in dealing with family law splits. Through a series of actual war stories and case studies we will highlight some of the pitfalls that can arise and offer tips for avoiding and/or resolving them.

STRATEGY | You know an SMSF has passed its use by date when...

2:10 pm – 3:10 pm

Concurrent 7B

Significant time is taken on providing advice about the establishment and maintenance of SMSFs, but little time is spent ahead of time to identify when an SMSF should cease as it no longer serves to provide its members with an appropriate wealth management/succession/structural arrangement which is fit for purpose.

What are some of the “red flags” which practitioners need to be able to identify so they can continue to provide their clients with advice and/or support that is appropriate to the needs of the client or their family?

What happens when it is too late or there are complications which can cause potential harm to the SMSF, including insolvency of corporate trustee which is conducting a business.

PRACTICE | Positioning your SMSF practice post-COVID

2:10 pm – 3:10 pm

Concurrent 7C

  • Speaker: Aaron Dunn – CEO & Co-Founder, Smarter SMSF

We know that 2020 has created some enormous challenges, both personally and professionally. The way in which we have managed client relationships, expectations and the delivery of services have all had to change rapidly due to COVID-19. However, whilst some businesses have struggled, others that have adapted have continued to thrive.

In this session, Aaron will be sharing some key insights from research undertaken into this topic, and will reference important learnings from earlier sessions, to outline what practitioners have been doing successfully, in addition to analysing the sort of changes that are being made permanently to enhance their SMSF client’s value.

03:10 pm

BREAK

3:10 pm – 3:30 pm

03:30 pm

SPECIAL ADDRESS

3:30 pm – 3:40 pm

03:40 pm

PLENARY - KEYNOTE ADDRESS

3:40 pm – 4:40 pm

Plenary 4

04:40 pm

CLOSING ADDRESS

4:40 pm – 4:50 pm

  • Speaker: John Maroney – Chief Executive Officer, SMSF Association